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29 July 2013 | Free Daily Analysis | EURUSD : HOW MANY TESTS?

Happy New Week Surfers.

Yesterday’s Report

Friday was a bit of a non event trading wise. EUR/USD ranged a mere 45 pips and closed 7 pips above its open, just below our Daily Critical Zone (DCZ) of 1.3285.

Technical Analysis

Daily Pivot has already been tested today, as has the aforementioned DCZ. This could well be an area where Price Action (PA) will spend some time – it lays between our Resistance & Support Trendlines – our Hotspots of the Day. The Resistance Trendline has already withstood multiple assaults but with our Pivots now standing in perfect Bullish formation, a break may not be far away. Its confluence with our DCZ on the other hand, is providing some stern opposition and an initial pullback might be on the cards as well.

The Day Ahead

That scenario sounds good to me so I’ll be looking for some early selling, but will be ready to catch a Bullish move off our Support Hotspot.

High Impact News

4:00pm USD Pending Home Sales m/m

Enjoy your Monday


Geoff Pyne  

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